tv The Intelligence Report With Trish Regan FOX Business September 13, 2017 2:00pm-3:00pm EDT
hope springs eternal in the wheeling and dealing back and forth. the president is in his element and people think he's going to get a lot of what he wants. that's the hope. hope is springing eternal, to trish regan with the dow up 13 points. hey? trish: this is going to be an interesting dinner, having chuck and nancy over. breaking right now. whatever it takes. white house press secretary sarah huckabee sanders having an on-camera news briefing any minutes from now, you see the live feed as reporters are gathering there, she'll be coming out. we'll go to that to see if she can give us insight into the dinner happening tonight in just about 45 minutes from now, the president meeting with a bipartisan group of lawmakers on tax reform as he continues to reach across the aisle here trying to get stuff done. he wants deals. i'm trish regan, welcome to "the intelligence report." might see a deal on taxes, one soon. we hope we'll see one, a market is up 13 points as wall street
tries to digest whether or not this is going to happen. the president wants to get things passed in congress, when you look at what happened with repeal and replace, he cannot rely on his republican staples to be there for him. mitch mcconnell, paul ryan, you know, they talk a good game, but repeal and replace didn't happen. how can he prevent that scenario when it comes to tax reform? we'll ask congressman sean duffy, he's here, as we await miss sanders, i'm speaking to michael block and steve cortes as we look at a market that's still higher. steve, do you think tax reform is baked in, and if we don't get it, the market tanks, or do you think there is fundamental things to excited about in this economy, and if tax reform happens, that's the icing on the cake? >> trish, i do believe that stocks, it's been such an incredible rally since the election, that leads me to believe there is optimism baked in, if we don't get it we're
going to see a correction, i don't know if the market tanks, but it would worry me if we don't get it. i tell you the dinner, i want to volunteer to be a waiter at the white house, trish, i would love to volunteer to be a waiter and hear what is going on. >> i would love to see it. a step in the right direction. michael, the thing americans have been frustrated by is the gridlock in washington. nothing is getting done, and we saw more evidence when it came to health care, tax reform is important. we need a creative landscape. as a business reporter, having covered the industry for as long as i have, it is not right that we essentially michael, have the highest tax rate of anywhere in the world for businesses, when you factor in state and municipal taxes, that is wrong, we need a more
competitive playing field. why are we letting business go elsewhere. will it change? >> i'm laughing about steve being a waiter. makers mark on the rocks over here. >> coming up. >> supply side on the side, please, getting back to that, trish, health care, one thing to say to people, we can argue the case if you're going to repeal obamacare but take your health care away, as opposed to we're going to cut your taxes. these are apples and oranges, i've been saying it along, when the health care changes failed, everyone said that's it, he can't get anything done. i said no. steve has been a big trump supporters from the beginning, i'm not a guy who voted for trump. i'm looking at now, he's having a dinner, he is reaching across the aisle. doing what he's supposed to be doing, he's bringing this about. >> i think this is important what you're saying, in other words, you are not a trump supporter, you didn't vote for
him but you are a financial guy and are trying to make money in the environment. >> yes. trish: and you want the best for the american economy, when you look at idea of cutting taxes, is this what we need right now? >> yeah, i think this is something that creates halo effect, creates confidence, business investment, investment in training people. companies are going to be motivated to say, hey, we're going to spend money on training workers on capex, getting things going. the government has our back, they trust us and we're going to trust them and do that. trish: okay. >> i would say i don't think it's completely baked in as we were talking about. it's marinating and making all-time highs here. there is a lot of money managers who want trump to fail and voting with their feet, they're trying to short the market. the s&p 500 is right below 2500, and if it gets through there, what i can tell you is the way deals are positioned, we could see a washup here. trish: i've heard people say, that adam johnson who is on the
show a bit, was saying there could be tremendous upside, maybe 23,000 on the dow if they get tax reform through. i hope he's right, i hope you're right, michael. steve, you've been around finance and you've been around politics. when you look at what's happening right now, in other words, this big dinner, inviting nancy pelosi and chuck schumer to the white house, what does that tell you about the president and his desire to really move tax reform forward? >> right, i think it tells us a couple things, one in many ways, donald trump is a post partisan president. he is a republican, but the trump movement was not an establishment movement of either party. it was its own party in many ways. i think he's showing us that but more importantly what he's putting symbolically forward in front of the american people is how important tax simplification and tax cuts
are, something we haven't done since 1986. 1986, i couldn't drive a car yet, trish, that's how long ago that was. we so badly need this and need it most of all for the middle class, the wealthy have done well in the sluggish recovery. middle class americans have done terribly. it was the fuel for the trump movement, but now not enough just to speak to them, he has to deliver, how do we deliver in the quickest, best way, simplify and cut taxes. >> here's the reality, guys, we're living in hourglass economy, i started talking about this back in 2001, believe it or not, doing a story on what was increasingly looking like hourglass economy, we're effectively there. we have a lot of people on the top and the bottom and the middle class is getting squeezed. people going to work every day and doing their darndest to save, but a few hundred bucks away from real problem, and they're the ones that get
penalized, their kids don't qualify for the financial aid for college. their families that won't qualify for the financial aid because they lost their home due to hurricane irma or hurricane harvey. people out there work every day, and michael, they feel short changed in this economy because, you know, if you don't have anything, if you say i'm not going to bother, you'll get a check from the government, or you'll get medicare, but if you're out there working and struggling to save, your future is very uncertain and you get nothing to show for it. >> here's what we need. you mentioned 2001, we had the george w. bush tax cuts. so what happened there? the great expansion and something happened. let's get back to the middle class today. what do they need? they want wages to go higher. how do we do that? the unemployment rate is under 4.5%, according to classic economics, wages should be higher and they're not.
how do you raise productivity? back to companies spending more money on capex, innovation, retraining workers. so maybe that should be part of this tax plan. talking about a 15% corporate tax rate. see if that happens. i'm skeptical they get it that low. but in the midst of that. how about we do something to give companies tax credits for helping train workers, productivity goes up, wages go up, it makes everyone happy. trish: we are for that, going for a massive structural change, and if we don't start doing something about it, the middle class increasingly will be left behind. some bit of good news, wages went backup 3%, 3% is still barely keeping pace with inflation, i'll tell you if donald trump wants another four years, steve, wage growth is a big component of that. average person needs to see increase in their way, which gets us back to tax reform. let people keep what they earn, steve. >> right, that's an automatic raise.
just a huge net positive. but michael is exactly right, not investing in capex the way we should. too many companies investing in financial engineering. buying back shares, paying more dividends. wonderful for the top end of the economic scale who owns a lot of assets. terrible for workers, we're not investing in people and technology so wages go higher. the quickest way to spur that, i believe, is the trillions of dollars of corporate profits. american corporate profits that are sitting overseas. trish: that's what i call low hanging fruit. easy stuff, it should be done already. >> that's the low hanging fruit. trish: bipartisan support on that one. michael. steve, thank you, as we wait on sarah huckabee sanders who will be talking to reporters momentarily from the white house. she'll give us color on the dinner invite going out to chuck schumer and nancy pelosi. they'll be there with the president, dining with him tonight at the white house, talking about a whole host of things including tax reform.
republican representative sean duffy is joining me right now. the wonderful congressman from wisconsin where you guys have been struggling with your middle class as well, you got foxconn there, opening a factory, a big deal, congratulations on that one. as far as tax reform goes, what is your sense of whether or not we will see a lot of democrats on board, representative? >> listen, democrats have for decades been pitching not tax reductions but tax increases, not for businesses but individuals and the most productive members of societies. so i applaud donald trump, the president, going out there and trying to cut a deal with democrats to bring them to his way of thinking that actually can you grow the economy, bring more money into the federal coffers and offer people better wages for tax reform. i applaud him for the effort when. nancy pelosi accepteds out popular tweet calling him cruel and saying he's a coward, i doubt she's going to join him
in the effort. she's part of the resist effort trying to take him out of office. trish: the fact she's going there for dinner, it shows she is willing to take a step. if she's not willing to actually work with him on tax reform. you know, i think the blame goes her, representative. he's extending an olive branch, inviting her to dinner, there is no way in h-e-l-l we're going to work with donald trump and republicans to get tax reform, she is only hurting herself and her constituents. that doesn't play well. >> well, i think her base doesn't want her to work with donald trump. to your point, the president, i think is great in a sense he's reaching out to democrats. if we could do tax reform, republicans and democrats both not getting everything that they want but coming up with american tax plan that will grow the economy, put people back to work, your explanation of the hourglass is perfect. that's exactly what's
happening. more at the top, more at the bottom and the middle class is squeezed. tax reform is going to help us groat middle class you. >> know what they're going to say, they are already saying it, you got elizabeth warren and company saying no, no, no, this is a giveaway to corporate america, to the rich, how do you combat that rhetoric? is it about trying to bring democrats into the fold to try and heed that off? your thoughts. >> here's the point. he has to try to bring them in, and tax reform is better with democrats if we can get them. if we can't, we go it alone and have to use budget reconciliation rules and use 51 votes and tax reform becomes that much more complicated. you are spot-on. this is the democrats' old playbook, tax breaks for the rich, and corporate welfare, that's the attack they make to say we're not standing for middle-income americans. when donald trump is on the stump and making this argument about tax reform and impacts
middle-income americans here, connects with them. for the economy and the -- trish: they need to keep a little what they earn on the bottom line. anyway, representative duffy, good to hear from you, we are hearing sarah huckabee sanders, let's listen in right now. >> hurricanes irma and harvey. life sustaining operations are still under way and encourage everyone in the des aid inned areas in florida, puerto rico and the u.s. virgin islands to register at www.disaster assistance.gov. that's the quickest way to register for federal assistance. as i said yesterday, the president was pleased that members on all sides of the aisle came together last week under his leadership to deliver critical relief to those affected by the storms and he has continued to spirit of bipartisanship and unity this week. last night he hosted republican and democrat senators to discuss advancing the administration's legislative priorities, particularly the importance of delivering tax
cuts and reform for the middle class. today, in addition to important meetings with republican and democrat house members and senator tim scott, the president will host senator schumer and congresswoman pelosi this evening for a bipartisan discussion on the upcoming legislative agenda with a focus on tax reform. historic tax reform is one of the most significant ways we will jump start our economy, creating jobs and raising wages for all americans. the president and his team will continue to engage with all members of congress who are willing to work with us to deliver this critical relief for the american people. finally, on a slightly lighter note, i'd like to announce that frank from falls church virginia whose letter i read last month offering services to mow the white house lawn will be here on friday. he'll work with the grounds keeping crew at the white house and help cut the grass in the rose garden. the president is committed to keeping the american dream alive for kids like frank, and we're all looking forward to having him here. and with that, i'll take your
questions, john? reporter: couple of questions if i could, you can give us a readout of the meeting that the president had with senator scott this morning? >> sure, this was a very productive meeting that the president and the senator both wanted to have something to discuss, potential solutions moving forward to bring the country together, a focus on unity. also talking and touching on the priorities for the legislative agenda moving into the fall. reporter: does senator scott express his displeasure with the president's initial reaction to charlottesville? >> not at all, they talked about it pretty in-depth but the focus was primarily on solution moving forward and that was what both people came to the meeting wanting to discuss is to bring people together, not talk about divisions within the country. >> second question, following the meeting with the president last night, west virginia senator joe manchin said in his perfect world you get 30
republican senators and 30 democratic senators agreeing on tax reform does. the president believe he can get 30 on democratic sdmoers stick to principles for tax reform? >> i think america hopes he can, for the sake of most americans, the goal is, i would actually set the sights much higher in that you have every member of the senate come together to help pass massive tax cuts and bring tax reform to this country. reporter: two questions if i can. the president's dinner with schumer and pelosi, they seem to be getting close, in the past the president called chuck schumer a clown, pelosi a loser. but now he seems to recognize that he needs them. how does that work? what changed? >> it's less about him needing them but more about the president wanting to work with them and wanting to hl move this country forward, as we said before, we've got a very ambitious legislative agenda for the fall and the president wants to work with anybody that wants to move america forward and if they're willing to do, that sit down, be part of that conversation on tax cuts and
tax reform, responsible immigration reform, the president certainly welcomes those conversations. reporter: does he view schumer and pelosi as equal allies on the hill for getting things done on par with ryan and mcconnell? >> look, the president is a republican, and ideologically that's a much cleaner matchup, but again, if these people and individuals, whether democrats or republicans, want to come together to push the president's agenda and the agenda that clearly the american people want to see or wouldn't have elected donald trump, then we're certainly happy to have that conversation and move that ball forward. no. reporter: i know the president came out for grand cassity today, senator alexander introduced incremental bill that stabilized the insurance market. could the president support a bill like that, or does it have to be a full-scale repeal?
secondly, what does the president make on democrats' efforts on single payer? >> i think that the president, as well as the majority of the country knows that the single-payer system that the democrats are proposing is a horrible idea. i can't think of anything worse than having government be more involved in your health care instead of less involved. president's focused on looking at ways where government is out of the way, people have more control over their own health care and looking at ways to, again, fully repeal and replace, it certainly be a priority. we want to move the system forward and make sure we're in a place that is sustainable and we have a health care system that work, that people under the health care system have a say in. reporter: could he sign something that's not a full-scale repeal? obviously, not just saying single payer but along the lines of alexander? >> we have to see the principle of the legislation before we weigh in on a hypothetical bill. matthew? reporter: two questions, is the
vice president attending the dinner tonight? >> i believe he's hosting another dinner at his residence with members of congress. we'll get more details later today. reporter: on a different topic, wanted to follow up on statements you made yesterday about james comey. you said some of his conduct likely could have been illegal. i was wondering what specifically you were referring to there in the one thing you pointed out is the memos that were given the times but didn't contain classified information and were when he was a private citizen? >> the memos were created on fbi computer while he was director. he claims they are private property but follow the protocol of official fbi document, leaking fbi memos regardless of classification violates federal laws including the privacy act, standard fbi employment agreement and non-disclosure agreement all personnel must sign. that's clean and clear that that would be a violation. reporter: what do you want to see happen?
>> that's not up to me to decide. i'm certainly not an attorney, but i think that the facts of the case are very clear. reporter: following up on that a bit, so you're not stating that justice department should look into this, but you do believe that comey did -- that his act of leaking the memos was illegal? >> the department of justice has to look into allegations of whether or not something is illegal or not. that's not up for me to decide. what i said and what i'm talking about are facts. james comey leaking of information, questionable statements under oath, politicizing investigation, those are real reasons for why he was fired and the president's decision was 100% right which we said multiple times over and over, the more and more we learned, the more and more that's vindicated. >> on another topic, do you have details where the president will be going tomorrow in florida? anything? any details on the trip?
>> he will be in the naples and ft. myers area, and as soon as the final details about specific stops are locked, in we'll certainly keep you guys posted. sarah? reporter: two questions, the first one, after meeting with senator scott, should he have been more forceful and will he sign the bipartisan resolution condemning the violence control as well as hate groups like the kkk? >> the president was clear in initial statement he condemned hatred, bigotry, racism of all forms. he continues to stick to that message. he's been very consistent in that fact. he and the senator talked about that and discussed that and agreed that that was the appropriate place to be, in terms of whether or not he'll sign the joint resolution, absolutely, and you look forward to doing so as soon as he receives it which he hasn't done, as i came out earlier. >> one other topic, his meeting
with chuck schumer and nancy pelosi, this is the thing that conservatives who ran against him in the presidential race warned about, he would be cutting deals with chuck and nancy that would not uphold the ideals of the conservatives. why is he meeting with the two and hoping to strike an immigration deal? >> i think it's disingenuous for people to say he's only meeting with democrats. the president is the leader of the republican party and elected by republicans. he beat out 16 other candidates to take that mantle on, and certainly i think one of the strongest voices. so the idea that the republican party ideas are not represented in that room is just ridiculous. bill? reporter: is immigration going to come up, and would the president consider reaching a deal similar to the three-month extension working on democrats on the dreamer issue? >> i wouldn't be surprised if it came up tonight, i'm not going to get ahead of the conversations that take place
later this evening, and as always we'll keep you posted what they look like. reporter: i want to ask you about withdrawing nomination for consideration, did the white house know about the ig audit when the president nominated craig? >> we're not going to get into the back and forth, our focus is on the safety and security of those affected by the hurricane. we're not going to go down rabbit holes and focus is on that. reporter: this morning on cbs, senator manchin said that last night at dinner, the president was adamant that the tax reform would not be a tax cut for the rich. you know what basis the president was able to make that promise? is he pledging to hold the top tax rate at 39.6%? not a reduction in the rate? how can he assure americans that the rich won't get a tax cut? >> the president's priority when it comes to tax cuts and tax reform is on the middle class, helping grow the middle class, helping create job, simplifying the system.
he's laid out the principles and that's where focus is and what he's going to push for as we move through the process. >> follow-up on a question about bernie sanders health plan. in january the president gave an interview to the "washington post," he wanted to see program that would allow for insurance for everybody and leverage medicare and medicaid's ability to control drug prices. bernie sanders is offering a plan that would do that. why does the president not support it? >> pretty sure not only does the president not support it but america does not support it or bernie sanders sitting in the oval office right now. he pushed the ideas forward during the campaign, they were rejected, not just by america but democrat, he didn't make it through the primary, didn't make it into the oval. that's a clear indication what america wants to see and that's not a single-payer system. reporter: i'd like to ask -- >> i'll come back. reporter: thank you, go ahead. two quick questions on tax reform. there are democrats who are confused that the president was serious about creating a
bipartisan tax plan, their thinking is that the president would also be meeting with ranking members for the minority members on ways and means and on the finance committee in advance of the disclosure of the consensus outline that's going to come out at the end of september. you can describe the president's view how to create a bipartisan tax plan, and does he want to get ideas from democrats, or does he just want democrats to buy into the plan that brady and hatch will reveal? >> i think about the mere fact he's been sitting down both yesterday and today with multiple members of the democrat party shows he wants to have the conversation with them. i don't think you can make that any more clear than to have the ongoing conversations with multiple members of the democrat party. reporter: quick question on florida. how soon will the federal government be able to estimate with any kind of precision, what kind of additional aid
might be necessary to address the destruction in florida in terms of what congress may be presenting? >> we're still in the recovery efforts and until we get further into the process, it would be premature to put those estimates out, there particularly with precision. i would imagine that takes a good bit more time. and once we have the numbers, we'll let you know. reporter: i'd like to ask, the united states is spearheading a meeting at the u.n. monday on u.n. reform. could you give me some specifics what the united states hopes to accomplish in that meeting? >> i'm not going to get ahead of the meetings that are going to take place but i can tell you friday general mcmaster and ambassador haileel be here at the briefing to talk in mor tail about the u.n. gener assembly events and meetings that will tak place nextweek. repoer: two qstions on two meetg had with senator scott this
morning. after the president's response to the white supremacist rally in charlottesville, senator scott said that president trump's moral authority was compromised. in terms of the conversation that they had, does the president understand what trouble senator scott in regards to his response? >> they had a very open and honest conversation and committed to continuing those conversations and making sure that today was the first step of many of those meetings where i think that will be an ongoing process and ongoing conversation that they have. reporter: tax reform, with the meeting takes place this evening with democratic leaders from congress, what has been the reaction that you've seen from the supporters that were on board the trump bandwagon from the start? >> this is something the president talked about on the campaign trail, being a good deal maker and being able to sit down with members on both
sides and being able to bring a deal and good legislation for the american people. this isn't new, and people listened and heard the president and certainly supported him and that's why he's here today. john? reporter: thank you, sarah. two your earlier remarks about the nature of repeal and replace legislation would seem to rule out the white house support for a flat out repeal which is favored by many republican house members are you ruling out or discouraging flat out repeal measure. >> we have not ruled out anything that helps move this process forward. that is not just repeal but also replace. >> the president recently
appointed 42 million u.s. attorneys it has been reported widely that only one of them was a woman. they called this and i quote a slap in the face what is the reaction of the white house to that comment. >> i think that the president has surrounded himself with a lot of strong women in various positions including myself in a high position. a number of others. he is continuing to add women to his staff at senior level. that is a very positive step forward. >> thank you sarah. it was reported that he is the subject of a investigation.
as a president concerned that someone that served on his transition team has now the subject of a federal investigation. >> i would refer you to outside counsel on that. she said she wished president trump was the president for all americans. i think that type of misunderstanding of who this president has is one of the many reasons that president. i think a lot of false accusations and placing blame on a lot of other people. ask that of accepting herself. a little over a week ago the canada, u.s. and mexico roundup.
has the president been briefed on the second round. is he happy with the result. is he still considering canceling that agreement. >> and a final decision has not been made. they will continue to push forward to make sure that the best deal possible for americans and american workers happen. >> one of the last times the president spoke. i'm not aware of any conversation that has taken place in quite a long time. >> why not also invite mitch mcconnell and paul ryan. this is the opportunity to have a very open and honest conversation with members of the senate. and anybody that tries to distort into something other than that is just a misunderstanding what the purpose is.
i do is that what i'm saying at all. if anybody thinks that the republican you point is not being represented if it is completely misunderstanding that the president is the leader of the republican party. is the president negotiating on behalf of of the republican leadership on this. >> they are negotiating on behalf of the american people. the idea that you guys keep trying to distort this into a bad thing is i think exactly why this president was elected. they were sick and tired a business as usual. they wanted some of that would break up the status quo that would bring people from both sides of the table together to head conversations. this president has done more for my bipartisanship than the other president did in the whole eight years. what are the topics on the
table for the president beyond that. tax reform, they talked about moving to different ways to bring the country together and about continuing ongoing conversations making sure they stayed in constant contact with each other. and having a pretty open conversation. >> there was a conversation about a request from black black republicans to have a high ranking administration was a conversation in this meeting. there is certainly a conversation about adding additional personnel that can tap into the african-american community that did come up. where'd that go. what did the president say about that. they want to look and do exactly that.
and for the two of them to continue to have those conversations for his viewpoints that continue to be expressed. >> are there certain people and issues as related to that topic. >> specific people did not come up. the corporate tax rate of 15%. steve mnuchin said i don't know if they would be able to do that. you are ask about this comment. the president is prepared for that. the president was adamant about this. is the official position that needs to happen or that all of this is subject to negotiation. it's always been the goal. that certainly has not changed. if not 1 penny.
for the wealthiest americans. that is a marker that they had drawn in the sand. at this point as they open to not having tax cuts. again the president's focus has ever been on the wealthiest of americans. that continues to be his priority. it will come through. two questions if i may. since you raised the issue and the false narrative and accusations can you point us to a couple specific accusations that you think are correct. the biggest one is any place within the book where she lays blame for the loss on anybody but herself. the president issued a strong statement. i know that topic came up in the meeting yesterday.
i'm wondering if the president feels that there is a bigger great moral statue. they should be more forthright. anytime anyone sees something like that taken place public condemnation is certainly appropriate. we will continue working with our allies and partners to be part of the process in whatever way we can moving forward. you mentioned a couple times today that the president is very clear about that. i want to read a comment from a sports caster from espn yesterday. the direct result of white supremacy. dealer reaction to that. is the president aware of that comment.
i think it's one of the most outrageous comments that anyone can make. it's something that is a fireable offense. why do you think that they are saying things like that. >> imac and a speaker for those individuals. they've met with people like senator scott who are highly respected. they are committed to working together. that is why we need to be focused. not on outrageous statements like that one. >> you said the president has done more for bipartisanship in the last eight days then obama did in eight years. what are you basing that on. >> is willing to sit down with members of the opposite party something that president obama rarely dead and certainly did not listen to members of the opposite party.
from anybody beyond the democratic party. this president is committed to doing this. he is continuing to do that. as we move into one of the most ambitious agendas we've have in a long time. he has stated that publicly and in these meetings that he is going to continue to have. does it believe it is a mistake to have that. i think right now we have a critical time where we have some big things on the agenda. he is committed to working again with those republicans and democrats to push those through in hopes that they will come on board to do that. the president will be having an event momentarily. talk about the president's big meeting there. it is happening tonight and the need for tax a form to
happen. also breaking right now we've just got some sound and from our very own bret baier interview with secretary mnuchin they are sounding the alarm. china should be on notice. we will not hesitate if it takes an executive order to cut off trade with any country. we sanctioned one chinese bank. there are a slew of others. how hard is it to follow the opaque money trail. i was just at the white house this morning talking to the president about north korea.
i had worked on an executive order. it is ready. we can stop trade with any country that does business with north korea. nobody would be off the table. that is the headline. let's take a look at the market. we are still up to 12 points. our administration is wind to stop trade if it takes an executive order with anyone that is doing business with north korea. author of the new book. this is a big deal another
advisor saying all along why we do more. maybe it will take pulling the pursestrings. they just made the clearest most important statement on north korea of this administration so far. you can threaten them with a lot of things and they are not impressed. uterine trade. a trade war it would hurt us both. the timing may be too late because now another player sat down at the high-stakes table and that is vladimir putin.
let's just make one thing clear our economy is so different than vladimir putin. we have them covered big-time in that department. i make it from an economic perspective. i've had some market guys on the show in guys and gals that would cost us so much if we were to cut trade with china if we were to cut that it would be really problematic for our economy. don't you want to lose a few dollars as opposed to criminal lives.
again, the complicated factor is twofold. there is a possibility that the chinese would be able to take the financial hit rather than betray their soul military ally. what does that do for their world image. and then get that. the washington post have a great story. they make a lot of money. and the russian far east as you know very will is still lagging economically. if you are getting billions of dollars over the years that is a big help. let's break this down a little
bit. steven mnuchin very much said we are willing to cut off trade. that would mean we are making a big deal out of apple yesterday and the new phone is coming out. apple is doing a lot of business in china. if we saw trade almost 40% in the first quarter despite them saying we are backing off that. if we see that china continues to do business with north korea despite giving lip service does that mean we then say you are not going to make those iphones in china anymore. you will not import all of that stuff from china anymore. i don't like apple products so that's not a problem for me. they just became our point man on north korea policy.
what he said was clear incontestable and now we have to follow through. everybody can watch the whole interview tonight. colonel peters, and thank you very much. "grandma! grandpa!" ♪ thanks mom. here we are. look, right up to here. principal. we can help you plan for that. you know win control? be this guy. check it out! self-appendectomy! oh, that's really attached. that's why i rent from national.
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bring amlp into the game. before investing, consider the fund's investment objectives, risks, charges, and expenses. read the prospectus carefully at alpsfunds.com/amlp just breaking right now the treasury secretary steven mnuchin out with the toughest talk on china yet when it comes to north korea. telling our own bret baier moments ago that he is prepared he has put together an executive order that the president could and can't sign that would cut out business with any country that is doing business with north korea. any country that is doing business with north korea. join me right now. i keep making this point.
we had sanctioned one chinese bank. there is a whole bunch of others that we could sanction. a lot of companies and a lot of businesses and a lot of banks in china our still working with north korea right not go after every single one of them. 2017 has really been the year of the reset on u.s. china relations by the trump administration. it's taken many months but this is an incredibly different problem because the pathway to north korea to do nuclear eyes into all of northeast asia really goes through china and the administration has taken months to get to the point where secretary mnuchin has made a clear statement about what is prepared to do. days after the un security
council resolution which unanimous in its vote was watered-down in terms of what the u.s. wanted. two company heads of shanks' -- sanctions helps north korea at any point. it's not that hard to follow the money. brett specifically asked. they know and they can go after them. as you have said. following techniques in this country. the reason it hasn't happened before is that there has been a lack of will and washington to take on the north korea problem. the chinese don't want a destabilized region they don't
want that regime to fall in north korea. but they are beginning to understand largely because of the trump administration is that already destabilized because of north korea. the more they understand the break -- the basic reality. smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be.
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all of these people that a claim if you are a white supremacist or racist if you voted republican had have it. not acceptable not okay. but that aside talk to me about the chopper -- the trouble that she now finds itself in. espn management put a guideline for political commentary on the network the comments about the president however unwise and unflattering occurred on her personal twitter account not on espn. if someone is working in a high-profile public situation where you are now as a representative of broadcast network and you make comments like that. you have to say that's my personal opinion. that's my personal opinion.
she is a sports person. you don't hear me talk sports. in other words let's give her credit. she is the only female black journalist on television in the world anywhere and she has been with espn for 11 years she was sanctioned by the network because she called finance of the boston celtics you might as will be a fan of hitler. >> what f horrible thing to say. i'm out of time again today but porter, i think it's a problem for the company. he has to get a handle on it. if they don't do something
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months ago treasury secretary steven mnuchin making his most pointed comments about china and north korea. in fact you know what that was a great interview in and thanked in fact the treasury secretary also commented on tax reform. we will get to that. but the bipartisan meeting going on right now is closely watched. go congress go. urging congress to tackle tax reform for his first major legislative victory. in congress response. house republicans may respond in just two weeks. but which team is that cheerleader really counting on. reaction from the man